Overall, earnings for Colombian insurers rose 7.6% from 2007, totaling 696 billion pesos (approximately $276 million). Profits for life insurers grew 71.5% over 2007 to 507 billion pesos (approximately $195 million), while life insurance premiums grew 44.2% to 4.94 trillion pesos (approximately $ 1.9 billion). Strong results from life insurers countered sluggishness in the property and casualty sector, where 8.4% premium growth was more than offset by a 147% increase in underwriting loss and a resulting 46.2% decline in profits.
Local units of foreign international companies were prominent in both the life and P&C sectors, as Colseguros (Allianz) (life and P&C) and Liberty Mutual (P&C) appeared in the top three companies by market share.
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